Publication
What M&A trends will transform the 2024 insurance landscape?
It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity.
Author:
Australia | Publication | August 2021
On 23 August 2021, in response to a recent consultation process looking at the unfair contract term (UCT) regime, the Government released an exposure draft Bill to strengthen UCT protections for consumers and small businesses. UCTs remain prevalent in standard form contracts and there is uncertainty around the scope of the existing protections.
The exposure draft Bill proposes reforms to the Australian Consumer Law (as set out in Schedule 2 to the Competition and Consumer Act 2010 (Cth)) and the Australian Securities and Investments Commission Act 2001 (Cth) to help reduce the prevalence of UCTs in standard form contracts and improve consumer and small business confidence when entering into standard form contracts. The key areas of reform introduced by the Bill include:
It will also become easier for those affected by UCTs to obtain redress by the introduction of a rebuttable presumption. The rebuttable presumption will operate so that a contract term is presumed to be unfair if a court has previously found a similar term, used in similar circumstances, to be unfair.
For further detail, please refer to the exposure draft Bill and explanatory memorandum.
Public consultation on the exposure draft legislation and explanatory materials will close on 20 September 2021. In the meantime, if you would like to know more about how these proposed reforms may affect your organisation, please contact us Claudine Salameh and Helen Taylor.
Publication
It is widely accepted that 2023 was one of the worst years in recent memory for M&A activity.
Publication
On 6 September 2022, the European Commission (EC) prohibited Illumina’s acquisition of Grail, bringing to an end the administrative stage of a legal saga that has attracted interest beyond competition law specialists.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023